Empire State Mfg. Survey Steady This Month

Business activity continued to grow at a solid clip in one of America's most populous states, according to firms responding to the January 2018 Empire State Manufacturing Survey.

The Federal Reserve Bank of New York announced on Tuesday that its headline general business conditions index stayed pretty much put, at 17.7, from last month’s level.

The new orders index and the shipments index both showed ongoing growth, although at a slower pace than in December. Unfilled orders and delivery times increased slightly, and inventory levels were higher.

The survey also indicated that labour market conditions pointed to a modest increase in employment and steady workweeks.

"Both input prices and selling prices," said the survey, "increased at a faster pace than last month. Firms remained very optimistic about future business conditions, and capital spending plans were robust."